CITIC Securities published the second progress report on its pre-listing tutoring work for MiniMax's planned A-share initial public offering, covering a tutoring period from July 10 to October 13, 2026. During that period, the intermediaries said they completed full due diligence, held group tutoring sessions and kept regular communication with the company, while pressing MiniMax to clarify its business goals, future development plans and the use of proceeds. CITIC said MiniMax has set up internal governance structures and rules but that execution still has room for improvement, and the next phase will see the tutoring team work with Commerce & Finance Law Offices and Ernst & Young on rectification and preparation for the tutoring acceptance review. Separately, a 36Kr brief citing Shanghai Securities News said Zhipu, MINIMAX and other Hong Kong-listed companies are progressing with plans to return to A-share listing, which industry figures described as rational capital operations based on corporate structure, sci-tech attributes and profit cycles.